摩尔线程“硬核”实力受热捧

Core Viewpoint - The IPO of Moer Thread, known as the "first domestic GPU stock," is set to be the largest on the STAR Market this year, with an expected fundraising total of 8 billion yuan, marking it as the second-largest IPO in the A-share market this year [1][4]. Group 1: IPO Details - Moer Thread's IPO price is set at 114.28 yuan per share, with a total issuance of 70 million shares, of which 14 million shares (20%) were allocated for strategic placement [2][4]. - The online subscription saw 4,826,579 valid applications, resulting in a final winning rate of approximately 0.036% [1][3][6]. - The company achieved a record for the fastest IPO review on the STAR Market, taking only 88 days from acceptance to approval [4]. Group 2: Market Demand and Investor Interest - The strong interest in Moer Thread's IPO reflects the growing demand for domestic AI computing power and the ongoing development of the GPU-related industry [5][7]. - During the preliminary inquiry phase, Moer Thread received bids from 286 institutional investors, with a total subscription amounting to 72.9 billion shares [5][6]. Group 3: Company Performance and Financials - Moer Thread has launched four generations of GPU architectures, focusing on AI computing, high-performance computing, and graphics rendering [8]. - The company has not yet achieved profitability, reporting losses of 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan from 2022 to 2024, primarily due to high R&D expenditures [8]. - Despite losses, Moer Thread's revenue has shown significant growth, increasing from 46 million yuan in 2022 to 438 million yuan in 2024, with a compound annual growth rate exceeding 208% [8]. Group 4: Strategic Importance of the IPO - The IPO is seen as a critical step for Moer Thread to secure funding for the development of next-generation AI and graphics chips, with plans to raise 8 billion yuan for various R&D projects [9]. - The STAR Market's supportive policies for unprofitable tech companies highlight its role in facilitating financing for high-tech enterprises with substantial R&D investments [9][10].